rights issue, page-11

Have been following this one for sometime and are yet to commit to buying although many I know see a lot of potential. I have done some sums on this one and I see the following:

San ANton Project: Kings 64% of project (assuming merger approved) and approx 576 million shares will be issued.

Pre feasibility Net cashflow 182 million after tax and KMN share 64% = 116million undiscounted.

This is also based on .74 strip ratio which is questionable ?

There is also a strong chance that more shares will be issued in the future as I don't think 5 million is enough to commence project.

I am still not convinced.